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Popular Word Problems >

Charlie puts 700.00 into an account to use for school expenses. The account earns 5% interest, compounded continuously. How much will be in the account after 10 years?

Solução

C ha r l i e p u t s 700.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 5% in t eres t, co m p o u n d e d co n t in u o u s l y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 10 ye a rs ?

Solução

Amount : 1154.1

Passos da solução

Translate the problem into an equation:

A = 700 e^{0.05 \cdot 10}

700 e^{0.05 \cdot 10} = 1154.10488 \dots

Round to the nearest hundredth:

1154.1

Amount : 1154.1

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